Roughly 40 gold
prospects and deposits have been identified in the greater region of
Montemor-o-Novo, Portugal, a small municipality of great interest to Colt
Resources as it explores opportunities to continue development of its portfolio
of gold and tungsten leases in Portugal.
Within three short
years, Colt has emerged as one of the largest holders of mining and exploration
rights in Portugal and has amassed one of the most significant gold and
tungsten lease portfolios in the mineral-rich European country.
The company’s
portfolio currently consists of three experimental mining licenses, four
exploration concessions, and two active joint ventures in Portugal, as well as
a 38 percent stake in Colt Resources Middle East mining projects.
The Boa Fé Gold project,
one of Colt’s two advanced-stage projects, is slated for production in the next
18 months. Efforts to further develop this project is supported by the
company’s close working relationship with the Portuguese Government, which has
implemented favorable mining laws that encourage mineral exploration and mine
development.
While several
international companies are conducting exploration on base and precious metals,
Portugal is largely overlooked and underexplored. As such, the Portuguese
government’s geology and mining agencies actively advocate projects that
exploit the country’s mineral resources.
Colt’s strategy is
to leverage these initiatives and continue to test deep gold mineralization
potential close to planned mining operations. Moving through 2014, the company
plans to conduct environmental impact studies to optimize the mining and
processing facilities and minimize their environmental impact, advancing the
project to construction during 2014 and full production by 2015.
For more
information, visit www.coltresources.com
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